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Rosen discusses the
sources of financing for mortgages. The
focus is on the role of securitization in
financing mortgages, which includes
mortgage-backed securities (MBSs),
collateralized debt obligations (CDOs)
and structured investment vehicles (SIVs).
The process by which
most mortgage loans are
sold to investors is referred
to as securitization. The author first outlines the process by which a mortgage
becomes part of an MBS, touching
on the role of Ginnie Mae, Fannie Mae,
and Freddie Mac (secondary market
lenders, described in detail later). The author then
explains how MBSs are repackaged into
CDOs and SIVs.